UPDATE 2-Prysmian lifts core profit goal, ready to face energy supply issues [Reuters]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
NASDAQ:AMEX Investor Relations:
prysmiangroup.com/en/investors
Company Research
Source: Reuters
The Milan-based cable maker, which upped its targets on the back of record first half results, expects to reach full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between 1.3-1.4 billion euros ($1.32-1.42 billion). It had previously guided for an adjusted EBITDA near the top of a 1.01-1.08 billion euro range, although CEO Valerio Battista had in May expressed confidence that the company could improve its forecast. Advertisement The company could still reasonably expect to reach the mid-point of the upgraded guidance in the event of a slight deterioration in volumes and pricing in the second half, Battista told analysts in a call. Adjusted core profits rose 48.7% to 699 million euros in the first six months, well ahead of a company-provided consensus of 590 million euros, with the expansion of power grids fuelling growth at Prysmian's energy segment. Core profit margins rose to 8.8% in the period from 7.8% a year earlier. The compan
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